Research Nester has released a report titled “Business Intelligence (BI) Vendors Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the business intelligence (BI) vendors market in terms of market segmentation by type, by deployment, by function, by organization size and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The business intelligence vendors market is segmented by deployment into cloud and on-premises, out of which, the cloud segment is anticipated to have largest market share on account of low investment, short implementation time and low or almost no additional hardware arrangement costs among others to businesses which helps businesses to keep control on their operational expenditure and maximize profits.
The business intelligence vendors market is anticipated to record a CAGR of 12.1% during the forecast period, i.e. 2019-2027. Growing emergence of IoT enabled technologies which have led to the surge in generation of large volume of data, requiring businesses to analyze the unstructured data and provide greater consumer experiences, along with the need amongst enterprises to shift from traditional analytical processes to advanced business intelligence analytical techniques for the analysis of these datasets are some of the factors requiring businesses to adopt business intelligence tools, which in turn is anticipated to contribute significantly towards the growth of the global business intelligence vendors market.
Regionally, the business intelligence vendors market is segmented into five major regions including North America. Europe, Asia-Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to have the largest market share on the back of presence of numerous key industry players in the region, along with growing interests amongst enterprises for technological research and development activities. Furthermore, evolving trend for data proliferation amongst businesses on the back of increasing competition across industries is estimated to propel the growth of the market in the region over the forecast period.
Increasing Adoption of Data Analytics by Enterprises Globally
With embracing technologies, such as internet of technology (IoT) and Industry 4.0 concepts, organizations are relying on augmented intelligence and machine learning for formulating business strategies and increase sales. Dynamic business concepts are giving rise to the need for faster decision making, real-time performance measurement, better quality of information, better estimation of threats and opportunities and others. In order to the generation of such huge data, there is a growing demand for business intelligence tools amongst enterprises so as to formulate these business decisions, and help generate profit which is anticipated to drive the growth of the global business intelligence (BI) vendors market.
However, the concern for growing incidences of cybercrime around the globe, such as malware, ransomware, data theft and others, combined with absence of stringent rules and regulations to deal with these issues, are some of the factors expected to operate as key restraints to the growth of the business intelligence vendors market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the business intelligence (BI) vendors market, which includes company profiling of Rackspace US, Inc., SAP SE (ETR: SAP), Microsoft Corporation (NASDAQ: MSFT), Cisco Systems Inc. (NASDAQ: CSCO), IBM Corporation (NYSE: IBM), Tableau Software (BMV: DATA), ADVIZOR Solutions, Inc., Oracle (NYSE: ORCL), QlikTech International AB, MicroStrategy Incorporated (NASDAQ: MSTR). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the business intelligence (BI) vendors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.